US August Building Permits Revised To +6.8%t From +6.9%, Annual Rate To 1.541M Units From 1.543M Units
Portfolio Pulse from Charles Gross
The US Commerce Department has revised August building permits to a 6.8% increase from the previously reported 6.9%. The annual rate has been adjusted to 1.541 million units from 1.543 million units.
September 26, 2023 | 11:36 am
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NEGATIVE IMPACT
The downward revision of US building permits may negatively impact XHB, an ETF that tracks the homebuilding sector.
XHB is directly influenced by the homebuilding sector. A decrease in building permits indicates a potential slowdown in the sector, which could negatively impact XHB.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The slight downward revision of US building permits may have a minimal impact on SPY as it reflects a broad range of sectors in the US economy.
SPY, as a broad market ETF, is influenced by a wide range of factors. The slight revision in building permits is a minor economic indicator and may not significantly impact SPY.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50